Unilateral guarantee revocation doesn’t absolve guarantor’s obligation as revocation not agreed by Financial Creditor

State Bank of India Vs Gourishankar Poddar (NCLAT Delhi)

NCLAT Delhi held that unilateral revocation of guarantee by the guarantor does not absolve him from his obligations under the guarantee agreement as the Financial Creditor has not agreed to such revocation.

Facts- In 1999, Raj Rayon Industries Limited- the Corporate Debtor, availed financial assistance from the State Bank of India in the form of term loans and working capital loans. On 10.07.2013, Mr. Gourishankar Poddar, in his capacity as a director of the Corporate Debtor, executed a Deed of Guarant

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